Norwegian shipping company Siem Offshore has ended negotiations to sell its cable lay business at the same time revealing the identity of the interested party.

The shipping company revealed it was in negotiations with an unnamed potential buyer for its cable lay business Siem Offshore Contractors GmbH earlier in November. However, these talks have now been terminated, Siem Offshore said in a brief statement on Wednesday.

While Siem did not reveal the reason for the termination of the talks, the shipping company did reveal Subsea 7 as the potential buyer.